BMI has released its 2009 Annual Review highlighting several aspects of their operations, admitting that it had been perhaps the most challenging in the organizations 70-year history.
According to the report, BMI realized revenues in the 2008-2009 fiscal year of over $905 million with royalty distributions totaling more than $788 million, both figures higher than BMI's results from the previous year. An operating expense of approximately 13% was recorded for the year 2008-2009.
The report states that BMI recognized that the opportunities in the digital shift in its very early stages. They go on to reveal that more songwriters affiliate online than via any other method, with more than 30,000 affiliates being added to the BMI roster over the past year.
The figures published include a categorized breakdown of domestic licensing income of:
Cable and Satellite: 29%
Broadcast Television: 17%
General Licensing: 16%
New Media: 2%
International revenue was dominated by income from Western Europe:
Western Europe: 68.8%
Asia Pacific: 13.6%
The organization’s New Media and Strategic Development grew revenues by 11%, with a portfolio of 6,700 digital media properties under license to BMI.
“As BMI marks its 70th anniversary in the year ahead,” said BMI’s President & CEO Del Bryant, “we know we will be looking at an extremely difficult economic environment. We will maintain our intense focus on efficiency and cost containment. We anticipate tough discussions as we negotiate new agreements for the use of our repertoire. However, we are encouraged by the steady growth in our market share, and by the expanded use of music by both traditional and digital media, two dynamics that drive our licensing revenues. These factors reinforce our ability to meet the challenges of this volatile economic landscape, provide a point of stability to our songwriters, and produce added value to our customers as the economy works its way toward recovery.”
Follow the link to read the full BMI Annual Review 2008 - 2009.